This bill mandates that State agencies in New Jersey solicit bids from both public and private institutions of higher education for the completion of studies required by laws enacted after the bill's effective date. It establishes a process where if a State agency finds that accepting the lowest bid would lead to an unreasonable price or an unacceptable contract, or if no responsive bids are received, the agency must reject all bids and withdraw the request for proposals. Following this, the agency is required to resolicit bids on an unrestricted basis, allowing institutions to resubmit their proposals.

Additionally, the bill defines key terms such as "private institutions of higher education," "public institutions of higher education," and "State agency," ensuring clarity in its application. The act is set to take effect immediately upon passage, reinforcing the commitment to engage higher education institutions in the completion of mandated studies.